Standard Solution October 2023 - Release notes
Released: November 1st, 2023
Standard Solution October 2023 introduces a new way to create switch orders for mutual funds in FA Back, a new Swedish tax report, and many other smaller improvements and features.
Switch order
Why?
This improvement was made because there was a need for an easier way to create switch orders (redemption+subscription) for mutual funds in FA Back.
Who is this for?
This feature is for all users who want to easily create switch orders for mutual funds.
Details
So far, FA Front has allowed a user to make a switch order where they select what security to switch from (redeem) and what security to switch to (subscribe). A background rule handles updating the subscription order once the redemption order is executed (the subscription trade amount is updated with what you got from the redemption).
With this new improvement, we introduced a way to also create switch orders from FA Back.
By right-clicking a position in Overview, you can launch the switch order input screen and select which security to switch from and to. When the switch is confirmed, a redemption order is created for the trade amount or units provided. It is linked to a 0-valued subscription order that is automatically updated once the redemption order is executed with trade order execution in FA Back. The subscription order is updated with the trade amount that was received from the redemption order and can be sent to the market.
Learn more: Create a fund switch order in FA User Guide.
Interest income report (KU20) to Swedish Tax Agency
Why?
This improvement was made to allow our users who pay interest to their end clients to report to the Swedish Tax Agency.
Who is this for?
This is for Swedish asset managers that pay interest to their end clients.
Details
It has become common for asset and wealth managers to pay interest to their end clients. When interest income is paid, it must be reported to the Swedish Tax Agency in a specific report (KU20). With this improvement, you can produce an XML file to send to the Swedish Tax Agency.
The XML file produces one record per portfolio and holds details such as the sum of interest income over the reporting period, tax deducted, and details about the income earner. If interest is paid in other currencies than SEK, the report converts the foreign currency interest values into SEK when producing the file.
 |
Other improvements
External Reporting
Futur IPP report (cost & charges) has been updated to adhere to the 2023 requirements. The main change is an updated XML schema with different data points that includes all active portfolios and now allows the user to configure which fees to include so that Futur Pension's fees or charges can be removed.
Compliance
Contact name is now visible in the four views of the limits history dashboard. The contact name is visible after the contact ID column.
Portfolio Management
The transaction types accrued tax debt for income (ITX) and income distribution (ID) are now linked to the security type collective investment vehicles (C).
Payments
Added support for a Norwegian way of handling fund payment instructions using the Nets service where each fund has its own Nets agreement number.
Settlements
It is now possible to read dates from additional fields in MT535 files. Some custodians (for example, Euroclear) do not include the ":98A::STAT//" line in MT535 reports which was the only field we read the date from before. Now we read the 98A field first and if it is missing, we read the date from field 98C.
Settlement files to Swedbank now have session numbers and sequence numbers in the basic header block as zeros instead of whitespaces to meet Swedbank settlement specifications.
Data Aggregation
Our integration to M2 Wealth now supports mapping reconciliation recon files from M2 based on an additional identifier. The logic now reads both <ctrlOwnr> and <ptfl> from the file and uses <ptfl> in the reconciliation if an exact match is found in the mapping. Otherwise, it falls back to <ctrlOwnr>.
Tax Reporting
In Norwegian tax reporting, a 12-character ID can now be provided for organizations and is reported as an alternative ID as required by tax authorities.
Accounting
Performance improvements for accounting rules.
FA Front
Support for Signicat Sign REST API in buy, sell, or switch process in FA Front.
Fixes
Reconciliation
Adjusted the logic used to split multiple MT messages chained in one file so that MT535 files received from DNB can be read again.
Trade Order Management
Fixed a very rare issue in trade order bulking that happened when saving supporting orders if the trade order security had no profile.
FA Front
The buy, sell, and switch processes no longer fail to create orders in portfolios with trade orders that have long external IDs.
External Reporting
Fixed an issue in the FATCA/CRS report that caused a validation error when the reporting scope was funds/funds for sponsor.
In the FATCA report, the reported value is now either gross or net depending on the transmitting country value in the reporter contact profile. For Sweden, it is the gross value. For all other countries, the net value is used.
Tax reporting
Fixed an issue in the Finnish VSAPUUSE tax report that reported unnecessary transactions.
Fixed an issue in the Finnish VSKTVYSL tax report that caused it to break if target transactions did not have defined tax and tax2 types other than the default 'Tax'.
Fixed an issue in the Finnish VSULKOSE tax report that caused it to break if there were securities included that did not have a country defined.
Fixed an issue in the Norwegian tax reporting profile that caused it to break after running recalculate ASK status.
Fixed an issue in the Swedish tax reporting KU31 that caused it to break if the securities of the target dividend transactions did not have the KURED profile values defined.
Norwegian TAX-API now shows the unsettledValues field converted to NOK.
If a bond is moved to an ISK, interest is no longer included in the Swedish tax report KU21.
Portfolio Management
The buy from customer and withdrawal transaction types now have the correct tax and cost effects.